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Dar Al Arkan plans to list Dubai unit on London stock exchange

SOPA/Thomas Krych
The sukuk will be listed on the London Stock Exchange

Saudi-listed Dar Al Arkan Real Estate Development Co. plans a direct listing of its Dubai subsidiary on the London Stock Exchange’s (LSE) main market after rebranding it as Dar Global Group.

The proposed listing will involve a corporate re-organisation of Dar Global subject to UK Financial Conduct Authority (FCA), LSE approvals, and disclosure of an FCA-approved prospectus of the company, the developer said in a statement to the Saudi Exchange (Tadawul).

Before the listing, Dar Al Arkan will divest a minority stake of approximately 12 percent of its equity interest in Dar Global. This will be done through the primary issuance of new ordinary shares by the new British company to qualified investors via a private placement.

Dar Al Arkan will retain an 88 percent controlling stake in the new company.

Following the listing, Dar Global will be the UK holding company of the group’s international property development interests and marketing offices in the UK, Spain, UAE, Oman, Qatar, Bosnia and China.

The listing is expected to take place in Q1 2023 following regulatory approvals.